In the biggest ever attachment order, the Enforcement Directorate (ED) attached properties worth Rs 863 crore belonging to Y S Jagan Mohan Reddy in connection with an alleged scam relating to development of two new ports in Andhra Pradesh.
The last big attachment order was for properties worth Rs 600 crore belonging to Bellary mining baron G Janardan Reddy.
The latest attachment order pertains to the VANPIC project, led by Nimmagadda Prasad’s Matrix Enport. The ED alleged that the government headed by Jagan’s father, the late YS Rajasekhara Reddy, allotted 15,000 acres of land in Prakasam and Guntur districts to Matrix Enport for development of the Vadarevu-Nizampatnam Port and Industrial Corridor at a cheaper rate. The undue benefits extended amounted to over Rs 1,426 crore, said ED sources. As a quid pro quo, Prasad invested Rs 854.54 crore in the companies promoted by Jagan.
To emphasize the alleged illegality of Jagan’s dealings with Prasad, the ED sources emphasized that the port projects have made no progress so far. This the fourth attachment order issued by the ED in this case and the three earlier such orders had a value of around Rs 265 crore. Jagan tipped to win 25 seats in Seemandhra
The properties attached by ED are held by Jagan and his companies Carmel Asia Holdings and Jagathi Publications as well as N. Prasad and his companies — G2 Corporate Services, Alpha villas, Alpha Avenues, Gilchrist Investment, Suguni Constructions and Beta Avenues.
Sources said the attachments have been made under Section 5 of the Prevention of Money Laundering Act. ED has found the gains made by Jagan to be proceeds, generated in violation of various sections of Indian Penal Code and Prevention of Corruption Act. The attachment, said ED officials, is to prevent the accused persons from enjoying the fruits of their criminal acts.
The last big attachment order was for properties worth Rs 600 crore belonging to Bellary mining baron G Janardan Reddy.
The latest attachment order pertains to the VANPIC project, led by Nimmagadda Prasad’s Matrix Enport. The ED alleged that the government headed by Jagan’s father, the late YS Rajasekhara Reddy, allotted 15,000 acres of land in Prakasam and Guntur districts to Matrix Enport for development of the Vadarevu-Nizampatnam Port and Industrial Corridor at a cheaper rate. The undue benefits extended amounted to over Rs 1,426 crore, said ED sources. As a quid pro quo, Prasad invested Rs 854.54 crore in the companies promoted by Jagan.
To emphasize the alleged illegality of Jagan’s dealings with Prasad, the ED sources emphasized that the port projects have made no progress so far. This the fourth attachment order issued by the ED in this case and the three earlier such orders had a value of around Rs 265 crore. Jagan tipped to win 25 seats in Seemandhra
The properties attached by ED are held by Jagan and his companies Carmel Asia Holdings and Jagathi Publications as well as N. Prasad and his companies — G2 Corporate Services, Alpha villas, Alpha Avenues, Gilchrist Investment, Suguni Constructions and Beta Avenues.
Sources said the attachments have been made under Section 5 of the Prevention of Money Laundering Act. ED has found the gains made by Jagan to be proceeds, generated in violation of various sections of Indian Penal Code and Prevention of Corruption Act. The attachment, said ED officials, is to prevent the accused persons from enjoying the fruits of their criminal acts.
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